Coin Edition -
- XRP’s value dropped 21.47% over a month, hitting an 11-month low.
- New Ripple lending protocol could boost its DeFi capabilities.
- Indicators trend down, indicating strong selling pressure on XRP.
Ripple’s XRP token has experienced a steady but slightly bearish trend recently, reflecting a noticeable decrease in its value. Over the past month, the price of XRP has fallen by 21.47%, and in the last week alone, it dropped by 19.08%. As of press time, the XRP token is priced at $0.4937, which is a 4.15% reduction from its recent peak of over $0.50.
XRP/USD 24-hour Chart (Source: CoinStats)
This decline happened shortly after Ripple developers proposed a new lending protocol on the XRP Ledger. According to a report, this protocol aims to enhance Ripple’s role in the decentralized finance (DeFi) sector by allowing users to lend and borrow directly through the blockchain. Interestingly, this proposal seems to have led to a temporary dip rather than a boost in XRP’s price, marking an eleven-month low at $0.4235 just last Saturday.
Developers Propose DeFi Expansion on XRP Ledger
The recent proposal by XRP Ledger developers Aanchal Malhotra and Vito Tumas to introduce a native lending protocol represents a key stride in broadening Ripple’s DeFi capabilities. According to Ripple, this new protocol would enable direct lending and borrowing of digital assets, expanding financial inclusion, transparency, and efficiency.
1/ Today, devs @aanchalmalhotre and Vito Tumas introduced a proposal for a Native Lending Protocol on the XRP Ledger that would further expand its DeFi capabilities. Let's break down what this means for the ecosystem